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PPG Industries announces it will conduct tap of 3.75% notes due 2028
By Devika Patel
Knoxville, Tenn., Aug. 24 – PPG Industries, Inc. intends to conduct an add-on offering to its 3.75% notes due March 15, 2028 (A3/A-/A-), according to a 424B2 filed with the Securities and Exchange Commission.
The company sold $700 million of the notes in a sale that priced on Feb. 22, 2018 and settled on Feb. 27. 2018. The notes were sold at 99.857 to yield 3.767% at a spread of Treasuries plus 85 basis points.
The notes feature a make-whole call at Treasuries plus 15 bps until Dec. 15, 2027 and a par call after that date.
J.P. Morgan Securities LLC is the bookrunner.
Proceeds will be used for general corporate purposes, including repaying, redeeming or refinancing debt.
PPG is a diversified coatings and chemical manufacturing company based in Pittsburgh.
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